ADB may need capital increase, says president

Baku, Azerbaijan

ASIAN Development Bank president Takehiko Nakao gave notice on Tuesday that the ADB might need to approach its 67 shareholder countries for a further capital increase, as it gears up to face the massive challenge of providing for the infrastructure and other development needs of the Asian region.

He spoke at the close of the ADB annual meeting in Azerbaijan's capital, Baku, where he claimed to have reached understanding with former Chinese government senior official and prospective head of the China-led Asian Infrastructure Investment Bank, Jin Liqun, that the AIIB and the ADB would "cooperate rather than compete".